The National Credit Regulator – Credit Amnesty

According to the Citizen, 12 June 2014, The National Credit Regulator on Wednesday clarified the “credit amnesty”, a new regulation pertaining to the credit records of consumers which came into effect last month.

“Where a consumer has paid the judgment debt, the credit provider must notify the credit bureau of this within seven days of receiving the payment,” she said.

“The credit bureau must remove that judgment from the consumer’s credit record within seven days of receiving proof of payment.”

OVAG Int SA assists their clients in applying best practices indicated for their environment comprising of methodologies that will not harm the debtor. Constant communication is necessary and between the agency and debtors to ensure all paid up debt is cleared as per the amnesty.

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